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Residency-based disclosure requirement expanded to extend Tax Recovery Officer jurisdiction and reporting for residents with foreign assets. Amendment shifts the overseas information requisition and reporting trigger from ownership of foreign property to the taxpayer's residency, substituting language to require correspondence from a resident and limiting Tax Recovery Officer action to officers having jurisdiction over the resident; it also replaces the property-based test with a residency test and broadens forwarding to the Board where the person is a resident of, or has property in, the foreign country.
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<h1>Residency-based disclosure requirement expanded to extend Tax Recovery Officer jurisdiction and reporting for residents with foreign assets.</h1> Amendment shifts the overseas information requisition and reporting trigger from ownership of foreign property to the taxpayer's residency, substituting language to require correspondence from a resident and limiting Tax Recovery Officer action to officers having jurisdiction over the resident; it also replaces the property-based test with a residency test and broadens forwarding to the Board where the person is a resident of, or has property in, the foreign country.
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